8 Reasons to Buy Miami Real Estate NOW!

by Isaac Benmergui, Esq on October 15, 2012

An update of our earlier post with 8 more reasons to buy Miami real estate right NOW!

The Miami real estate market has rebounded faster than any other in the country. Sellers that have waited for prices to return to normal may still have a way to go, but with bidding wars so fierce, the listing price is never the selling price. Anyone sitting on the fence about investing in the sun and surf of Miami had better get out the checkbook and be pre-approved for a mortgage….. that is, unless someone paying cash beats you to it!

Why buy now:

  1. Pending sales and median prices are on the rise. Bidding wars of more than 50 interested buyers are not unheard of and real estate agents are begging for listings.
  2. Inventory of available properties is dropping. Depending on the area, there may be only a 4-month supply of existing homes for sale.
  3. Mortgage rates are still low and banks have money to lend.
  4. Increased optimism about the nation’s economy increases the desire to spend and the competition for properties, which will drive the prices up faster.
  5. The unemployment rate just dropped again and is now at a national level of less than 8 percent; the first time in four years.
  6. Developers are building again just as fast as they can and new construction sites sell out quickly. Several housing projects underway as well as tens of more on the books waiting for approval. Look around and count the cranes throughout the downtown area alone.
  7. Good prices are still easy to find. Prices haven’t yet reached their pre-boom level, but are rising quickly.
  8. Because if you don’t do it now, someone will beat you to it!

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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